Global Ferronickel On Track to Surpass 2016 Shipment Volume

Manila—(PHStocks)—Global Ferronickel Holdings Inc. (PSE: FNI), the second largest nickel ore producer in the Philippines and the largest single lateritic mine exporter in the world, announces that its subsidiary Platinum Group Metals Corp. (PGMC) has already shipped 1.747 million wet metric ton (WMT) of nickel ore as of June 27, 2017 at a year-to-date average realized price of $18.4 per WMT as compared to 1.037 million WMT at an average realized price of $13.9 during the same period in 2016.

“Weather permitting, we expect to meet our 2017 target of 6 million WMT,” said Atty. Dante R. Bravo, President of FNI, during the company’s annual meeting of shareholders. “2016 was a year of operational progress and laying the groundwork for a stronger future. During that period, we focused on streamlining operations, pursuing strategic acquisitions and enhancing operational efficiencies.”

The company was able to renew for another 25 years the Mineral Production Sharing Agreement (MPSA) with the government for its 4,376-hectare Cagdianao mine. It also acquired the right to explore an additional 843-hectare land that is adjacent to the property. The acquisition presents an opportunity to enhance the company’s nickel ore resources without requiring significant expenditures for mine infrastructure development.

The company also fine-tuned its engagement with its mining contractors, instituted measures to better manage ore moisture, optimized the analysis of mineral samples as well as mine planning and exploration, and moved barging operations in-house. As a result, main mining costs were reduced by as much as 30%.

“Our diligent implementation of tactical and strategic moves enabled us to remain profitable and maintain our position as a leading low cost producer. But our work is not yet done, moving forward we would like to commence production at our Palawan mine site; develop and upgrade existing resources and reserves within the Cagdianao deposit areas; evaluate and selectively pursue value-added opportunities such as acquiring or entering into mining agreements or joint ventures, as well as downstream processing & vertical integration; and diversify into other minerals and other metals,” added Atty. Bravo. “Looking to the future, we are well positioned to take advantage of the projected rebound in nickel prices as well as the increased demand for stainless steel due to Asia’s rapid urbanization and the growing preference for the use of electric vehicles.”

As a responsible miner, FNI conducts its operations in accordance with ISO standards. It has been active in environmental protection programs and works very closely with their host community to improve their quality of life.

About us

PHStocks provides the latest business and stock market news in the Philippines. Its goal is to become one of the top resources for up-to-date information on the business and stock market environment in the country.

PHStocks also provides personal finance articles to help educate more and more Filipinos about the importance of financial literacy, and guide them in their journey towards building their wealth.